(b) Marginal product 3 Marginal product 10 Workers per day Refer to Exhibit 7.1, which shows the total product and marginal product produced by a firm. Between three and se a. marginal product is negative and total product is rising. O b. marginal product is falling but still positive, and total product increases by decreasing amounts. Marginal product (tons/day)

(b) Marginal product 3 Marginal product 10 Workers per day Refer to Exhibit 7.1, which shows the total product and marginal product produced by a firm. Between three and se a. marginal product is negative and total product is rising. O b. marginal product is falling but still positive, and total product increases by decreasing amounts. Marginal product (tons/day)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table below shows the prices of the inputs and outputs for the production of a road bike. Raw naterials Manuf acturing Construction Sale by the retailer The retailer sells the bike for $500 Bike mechanic puts everything together Rubber for one tire ($20) Tire maker sells tires for $30 each Bike frame and components: and Aluminum for the fr ame ($80) Frame maker sells them for sells the bike for $350 la total of $250 Other component materials ($70) Instructions: Round your answers to the nearest dollar. a. What value is added by the supplier of the raw materials? $ b. What value is added by the tire maker? 10 c. What value is added by the maker of the frame and components? d. What value is added by the bike mechanic? 2$ e. What value is added by the bike store? $ f. What is the total contribution of the bike to GDP? %24 %24 %24
16. As more and more of the factor of production is used The total product curve rises rapidly at first because product rises and then more slowly because a. Permanent; average; the average product decreases b. Variable; average; average product reaches a maximum c. Permanent; marginal; marginal product reaches a maximum d. variable, borderline; marginal product decreases
q20 ()-
Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.
2. Given the following labor data of Meow Company. (1) Number of workers, (2) Number of cakes baked, Y (3) Marginal product of labor, MPN (4) Marginal revenue product of labor, MRPN (when P = RM40) 1 33 55 60 4 77 5 85 6. 89 7 110 a) Calculate and fill in the yellow colored blanks in the above table. (8 marks) b) What can you conclude from your answer? (2 marks)
6 In the production process, both the average product and marginal product of the variable input rise first, then fall, and then * rise to infinity True O False O
(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12
3. Total and marginal product Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. MARGINAL PRODUCT (Sandwiches per worker) 20 18 16 14 12 10 4 2 0 0 1 O 2 3 LABOR (Workers) O MP 5 When labor increases from two to three workers, total product increases by ? per hour.
This doesn’t seem doable as I don’t understand the question or values meant to be found.
The figure shows the total product curve for different levels of a variable input, labor. Output Total Product curve АВ с D E Quantity of Labor In the figure, at point C O average product equals marginal product O marginal product is at a maximum total product is increasing at an increasing rate average product is declining but positive
(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed input consists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of producing 75 bushels of quinoa is: Table: Production Function for Quinoa Number of Workers Bushels of Quinoa 10 1 2 3 4 5 transcript O $7,650. O $1,225. O $650. O $1,150. 10 25 45 60 70 75
10 . If marginal product is less than average product, then average product is : A. decreasing b - fixed C- None of the above d - growing